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08/07/24
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Technical Outlook on the Performance of Ether (ETH)
The chart of ETH/USD shows that the bulls were unable to initiate a move to recover past two barrier levels, including $3,080 and $3,120. The bears swung into action and then initiated a new downside move beneath the support area at $3,000. ETH was pulled beneath two support levels, including $2,950 and $2,920.
There was an over six percent decline in the price of ETH with a visit to the support level at $2,820. ETH was able to reach levels as low as $2,825 prior to initiating the current consolidation of losses. There are several signs of declining moves and ETH is visiting the 23.6% Fibonacci correction level of the fall from $3,077 swing high to $2,825 low.
A look at its 1-hour chart shows that its performance is beneath $3,000, as well as below the 100 SMA. The ability of the bulls to initiate a move to recover to the upside may lead to the barrier level close to $2,920. The initial key barrier level exists close to $2,950.
The same chart shows the formation of a major declining trend line with a barrier level close to $2,950. Likewise, the trend line is near the 50% Fibonacci correction level of the fall from $3,077 swing high to $2,825 low.
The immediate key barrier level is close to $3,000. If ETH closes past $3,000, the bulls may be able to push it towards the barrier level at $3,080. The immediate key barrier level is close to $3,120. If ETH breaks past the barrier level at $3,120, the bulls may be able to pave the way for a move towards the barrier area at $3,250.
On the other hand, the failure of the bulls to push ETH clearly past the barrier level at $2,950 may empower the bears to keep its performance towards the downside. The first support level on the way downward is close to $2,820. The initial key support level is close to the $2,800 area.
The ability of the bears to pull ETH clearly beneath the support level at $2,800 may bring about a move to $2,720. If there are any additional losses, they may be able to pave the way for a move towards $2,650 over the coming few sessions.
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